How to Rebuild Your Credit Score After Bankruptcy?

How to Rebuild Your Credit Score After Bankruptcy?

Filing for bankruptcy can have a grave and long standing impact on your credit rating. Loans and other firms of debts will be very hard to come by once you are stuck with a poor credit score. However, there are ways to rebuild your credit score after bankruptcy albeit it is a slow process but one that is necessary. Many people choose to enlist the help of establishments that claim to help with a poor credit rating; however many of these organizations are scams and you don’t have to go to them because you can take steps to kick your credit rating back in gear on your own.

Now to begin with you are going to need a credit card secured or unsecured and the best time to get one is after you file for bankruptcy but before the discharge. There are very slim chances of getting a credit card from the Bank of America, JP Morgan or American Express. However you could find out about what you are eligible for from financial establishments like Orchard Bank, HSBC and Capital One without them pulling up your credit score.

The next step is to remember to not use the card before your discharge because you may jeopardize your bankruptcy filing by doing so. But once you have your discharge get a copy of your credit rating report so that you can go through it with a fine toothed comb and iron out any anomalies. It is important to ensure that every trade line reflects a zero balance and does not show charge offs or late payments. Just make sure that all the errors are ironed out and that every account is reporting correctly

Now you’re ready to use the card, you could also apply for another credit card and possibly an auto loan to diversify your debts. This will give you three credit lines on your credit score report.

When you use the cards make sure that make your payments in time and never just go for the minimum balance. Also ensure that you don’t pay off in full and carry some amount over each month. If you continue this routine for about three months you should b eligible for another credit card from the pre-selector financial establishments mentioned above.

Keep the trend of paying on time up and within a year of filing for bankruptcy your credit score should be fairly good. You may still not be a contender for the lowest interest rates however you will definitely pose a lower level of risk than what you did before you applied for bankruptcy.

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